KreditBee expands its offerings to digital business loans, plans to offer larger ticket-size loans
Hyderabad: KreditBee, India’s leading online credit solution provider, announced the diversification of its product line, with entry into lending for businesses. The brand’s loan offering for self-employed customers reaffirms its commitment to drive financial inclusion for the underserved customers as well as provide collateral-free loans to small enterprises in India.
With KreditBee’s new offering, a merchant can avail an unsecured loan with a ticket size up to Rs. 15,00,000 on KreditBee through the RBI licensed in-house NBFC, KrazyBee, with a repayment tenure up to 3 years. KreditBee currently processes about 3000 KYBs; and over 2000 Udyams on a daily basis. The brand’s strategic goal is to diversify its loan portfolio, with a targeted ~20-25% contribution from the business segment in the next 2-3 years. In line with the growing aspirations of these businesses, KreditBee aims to gradually introduce larger ticket size secured loans in the range of up to Rs. 25 lakhs, and a long-term repayment term of 10 years.
KreditBee holds a prominent position in the personal loans segment, with a remarkable monthly disbursal rate of Rs. 1500 crore in the unsecured loan segment. Building on its success, the brand now aims to replicate this achievement for small businesses in the metros, followed by tier-2/3 cities.
Speaking on the launch, Madhusudan Ekambaram, Co-Founder & CEO, KreditBee said, “Our business loan offering aims to empower a larger pool of underserved self-employed businesses, the backbone of our economy, with essential credit access. At KreditBee, we have gained a deep understanding of our vast personal loan unique customers of over 1 crore, including those with little to no credit history. The new product complements our existing offerings, supporting the growth capital needs of enterprises by self-employed individuals and salaried customers, who often struggle to access financing from formal sources. Through seamless digital processes and collateral-free loans, we aim to bridge the credit gap for underserved businesses, fostering success and contributing to India’s small business sector development.”
Features of the small business loan:
· End-to-end digital journey, right from application to disbursal
· Convenience of applying for the loan from anywhere and anytime
· Quick and seamless processing of loans
· Competitive interest rates
KreditBee currently offers multiple types of personal loans, online/offline checkout finance, and digital gold investments. Apart from digital lending, KreditBee has forayed into digitally-enabled secured loans and loans against property. The brand also offers financial services such as insurance, credit score report, and merchant-side offers.
